Example: You are investing out-of-state, and know that you are going to need to hire out lawn care, general maintenance, etc.

In order to get realistic bids, and not just guesstimates, you are going to need a set of plans, done specifically for that site, and the town where you live.

We all know the zestimate is far from being the end all be all, but it may warrant a closer look at comps in the area.With all that said, you still may be able to fit this within the 1% rule, so it may not be a bad deal, but I believe you're going to need a heck of a lot more than the $32k you're planning for.

how much depends on you, but you're certainly going to need something. 

Let them know, in very clear terms, that the contract is contingent upon your inspections, and if you find unexpected details about the property, you’re going to need to adjust the offer/contract.

It was built in 1997 so I think things are going to need some major repairs in the next few years.

I understand people are always going to need houses in the suburbs, but I am just in my head that I wouldn't be able to make investing work. 

It is going to need drywall on almost all walls and ceilings.

You are typically going to need to hold a loan for at least 6 months as well or you will be royally screwing your loan officer.

The sellers you are talking to need to have some, if not a lot of motivation to sell (IE can't make payments, tired of land lording, can't maintain the property, etc.)